Oakridge Flip on a park

[Aidan Kutcher]

Investment Info:

Single-family residence fix & flip investment in Calgary.

Purchase price: $400,000
Cash invested: $130,000
Sale price: $555,000

One worst flip profit wise since the very first one I did. Got carried away with making it too pretty and didn't properly anticipate the damage the mortgage qualification changes would do to the market. Also learned how critical a double garage can be.

What made you interested in investing in this type of deal?

It's a type of deal I've done before and was comfortable with it. I like the quick (usually) turn around.

How did you find this deal and how did you negotiate it?

Found it on the MLS and negotiated with the seller through their Realtor.

How did you finance this deal?

Line of Credit

How did you add value to the deal?

Reworked the layout and renovated to make prettier and more functional.

What was the outcome?

Beautiful house for the new owners, tiny bit of money in my pocket and many lessons.

Lessons learned? Challenges?

Major changes to mortgage qualification rules can really cause the market to hit the skids (20% decrease year over year)
Double garages can be very important if trying to sell a house for $600k+
Dig deeper into neighborhood comps, some parts of neighborhoods are nicer than other parts and you may not get the high ARV if you are in the wrong part of the right neighborhood